摘要
研究表明,行业类别对杠杆的影响不显著;资产流动性、成长性、资产担保价值、非债务税盾与杠杆负相关;公司规模、产品独特性、平均税率与杠杆的关系不显著;现金流量与杠杆负相关,表明内部资源比债务融资更具有优越性。
The paper constructs a model based on factor analysis, applying a two-stage multivariate procedure to explain capital structure choice of Chinese listed companies. The empirical studies show that: (1) asset liquidity, growth, collateral and non-debt tax shields are negatively related to leverage; (2) industry classification, size, uniqueness and average tax ratio are insignificantly correlated with leverage; (3) volatility is positively related with leverage; (4) cash flow and free cash flow are negatively related to leverage. These results provide additional evidence for pecking order theory and free cash flow hypothesis.
出处
《证券市场导报》
北大核心
2004年第9期25-30,共6页
Securities Market Herald
